Market Research Report
Elevator Market Size By Product (Hydraulic & Pneumatic, Machine Room [MR] Traction, Machine Room-Less Traction), End-user, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021-2027
|Published by||Global Market Insights Inc.||Product code||986860|
|Published||Content info||260 Pages
Delivery time: 2-3 business days
|Elevator Market Size By Product (Hydraulic & Pneumatic, Machine Room [MR] Traction, Machine Room-Less Traction), End-user, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021-2027|
|Published: February 4, 2021||Content info: 260 Pages||
Market Size By Product (Hydraulic & Pneumatic, Machine Room [MR] Traction, Machine Room-Less [MRL] Traction), By End-user (Building & Construction [Residential, Institutional, Commercial], Industrial), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027.
The global elevator market is set to witness immense growth in coming years owing to increasing demand for high rise buildings, rising demand for office spaces and lodging facilities across the developing nations, and high product usage across other application avenues such as institutional and residential sectors. Elevator or lifts are a form of vertical transport used largely to traverse different floors on buildings such as skyscrapers and high-rises.
These are used to transport goods as well as people from one floor to another floor. These are also seen in large ships having various decks. Nowadays, elevators have become extremely essential to high rises as well as other large buildings in order to make it quite easy for people with mobility issues to move through different floors of the building.
A majority of today's elevator cars also have added technological features installed in them. For example, some might have phones that let the resident to call for any sort of help during an emergency. While other elevators are fitted with a trap door situated at the ceiling, making escape possible during emergency situations.
The global elevator market is bifurcated in terms of product, end-user, and regional landscape.
With respect to product, the global elevator market is classified into MRL traction, MR traction, hydraulic & pneumatic, and others. The others segment will hold limited share of overall industry revenue over the forecast timeframe. Other elevators including, dumbwaiter, climbing, inclined among others are mostly found in tourist places, hotels, construction sites, and malls. Overall economic development in the Asian countries will drive the other product segment's market growth.
Dumbwaiters are essentially smaller elevators that are specifically used to carry out various useful transportation functions that do not involve moving people. For example, in restaurants, a dumbwaiter can be used to move dishes as well as meals in-between floors.
Climbing type elevators are mostly used in guyed masts or towers in order to enable the easy access for the maintenance of different constructed structure parts.
In terms of application, the overall elevator market is segmented into industrial and building & construction. The building & construction segment is further categorized into commercial, institutional, and residential. Among these, the commercial segment will record an impressive CAGR of more than 2.6% over the analysis timeframe. Escalating demand for office spaces and lodging facilities in the developing nations will drive the segment's growth. In comparison to residential elevators, commercial elevators are specifically designed to fit a greater number of people.
From a regional frame of reference, elevator market in Middle East & Africa will be growing at a rate of around 2.4% over the projected time period. Increasing demand for high rise buildings in this region would drive the demand for elevators.